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    NC Bacctg1 Final Exam Part 1

    Uploaded by

    Danica Onte
    The document provides instructions for completing the NC BACCTG1 FINAL EXAM PART 1 for Xander Computer Center. Students are to analyze transactions from May 2021, journalize and post entries, prepare trial balance, adjusting entries, worksheets, financial statements, and closing entries. Templates are provided in an Excel file for journal, ledger, trial balance, worksheet, income statement, statement of owners equity, balance sheet, and post-closing trial balance.

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    NC Bacctg1 Final Exam Part 1

    Uploaded by

    Danica Onte
    431 views3 pages
    The document provides instructions for completing the NC BACCTG1 FINAL EXAM PART 1 for Xander Computer Center. Students are to analyze transactions from May 2021, journalize and post entries, prepare trial balance, adjusting entries, worksheets, financial statements, and closing entries. Templates are provided in an Excel file for journal, ledger, trial balance, worksheet, income statement, statement of owners equity, balance sheet, and post-closing trial balance.

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    Nc Bacctg1 Final Exam Part 1

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    The document provides instructions for completing the NC BACCTG1 FINAL EXAM PART 1 for Xander Computer Center. Students are to analyze transactions from May 2021, journalize and post entries, prepare trial balance, adjusting entries, worksheets, financial statements, and closing entries. Templates are provided in an Excel file for journal, ledger, trial balance, worksheet, income statement, statement of owners equity, balance sheet, and post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    431 views3 pages

    NC Bacctg1 Final Exam Part 1

    Uploaded by

    Danica Onte
    The document provides instructions for completing the NC BACCTG1 FINAL EXAM PART 1 for Xander Computer Center. Students are to analyze transactions from May 2021, journalize and post entries, prepare trial balance, adjusting entries, worksheets, financial statements, and closing entries. Templates are provided in an Excel file for journal, ledger, trial balance, worksheet, income statement, statement of owners equity, balance sheet, and post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    NC BACCTG1 FINAL EXAM PART 1.

    July 8, 2021 (Thu) 8:00PM via Zoom

    Instructions:
    1. Analyze and journalize the transactions for May 2021 of Xander Computer Center.
    2. Post the journal entries to the ledger.
    3. Prepare Trial Balance at May 31, 2021.
    4. Journalize the necessary adjusting entries.
    5. Prepare the 10-column Work Sheet.
    6. Prepare the Income Statement.
    7. Prepare the Statement of Changes in Owner’s Equity
    8. Prepare the Balance Sheet
    9. Prepare the closing entries.
    10. Prepare the Post-Closing Trial Balance.

    Refer to Final Exam Excel File containing the following tabs/worksheets:


    Journal – for number 1, 4 & 9
    Ledger – for number 2
    Trial Balance – for number 3
    Work Sheet – for number 5
    Income – for number 6
    Owners Equity – for number 7
    Balance – for number 8
    Post-Closing – for number 10

    Fill-up the Excel file with your final answers. One member should submit the group’s Excel file
    to the Google Classroom.
    Xander Computer Center
    Chart of Accounts

    ASSETS REVENUE
    Cash Word Processing Fees
    Accounts Receivable
    Office Supplies EXPENSES
    Prepaid Rent Salaries Expense
    Computer Advertising Expense
    Accumulated Depreciation, Computer Telephone Expense
    Office Supplies Expense
    LIABILITIES Rent Expense
    Accounts Payable Depreciation Expense, Computer
    Salaries Payable

    OWNER’S EQUITY
    Xander, Capital
    Xander, Withdrawals
    Income Summary
    The following transactions took place in May 2021.

    May 1 Xander began the business by investing P100,000 in cash.

    1 Purchased Computer from XOR Company for P60,000, paying P10,000 and
    promising to pay the balance within 30 days.

    1 Rented office space paying P12,000 in advance for the first three months.

    3 Purchased office supplies from Office Depot Company on account, P6,000.

    7 Completed sales promotion flyers for a client and immediately collected P30,000.

    13 Paid salaries, P6,500.

    18 Advertising bill from Balita Company comes in but is not paid, P2,500.

    20 Xander wrote a check on the bank account of the business to pay his home
    mortgage of P6,250.

    22 Billed Luzonian Company for a special word processing job, P50,000.

    28 Paid half of the amount owed for Computer purchased on May 1 XOR Company,
    P25,000.

    29 Received and paid telephone bill, P2,200.

    31 On this date the accountant…


    a. found out that company had only P1,000 worth of supplies on hand
    b. realized that the company has two months prepaid rent
    c. determined that the computer should be depreciated by P800 monthly
    d. determined that unpaid salary of P3,500 has not been recorded.

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